• Johan Van Overtveldt, former finance minister of Belgium and a Member of the European Parliament, has urged authorities to impose a ban on cryptocurrencies citing the current crisis in the banking sector as a reason.
• This call comes amid a crisis sparked by the failure of several banking institutions, including two crypto-friendly banks in the U.S.
• Van Overtveldt is a Belgian journalist and politician from the New Flemish Alliance (N-VA) party who serves as chairing the Committee on Budgets and represents the European Conservatives and Reformists (ECR) group in the Committee on Economic and Monetary Affairs (ECON).
Chair of EU Parliament’s Committee on Budgets Calls for Crypto Ban Amid Banking Turmoil
Johan Van Overtveldt, former finance minister of Belgium, Member of European Parliament and chair of Committee on Budgets has urged authorities to impose a ban on cryptocurrencies citing current crisis in banking sector as a reason. This call comes amid financial turmoil sparked by failure of several banking institutions including two crypto-friendly banks – Silvergate Bank and Silicon Valley Bank – located in US.
Belgium’s Ex-Finance Minister Suggests Ban on Decentralized Digital Currencies
Van Overtveldt is also an ex-finance minister from Belgium belonging to New Flemish Alliance (N-VA) party who serves in ECON representing European Conservatives and Reformists (ECR) group. ECR is soft Eurosceptic political group advocating free enterprise, minimal regulation, lower taxation along with small government catalyzing individual freedom & national prosperity. His statement regarding cryptocurrencies follows collapse of three US banks out of which two were involved with crypto space mentioned earlier.
Europe Yet To Comprehensively Regulate Its Crypto Economy By Enforcing MiCA
European Union yet to pass any comprehensive legislation regulating its crypto economy known as Markets in Crypto Assets (MiCA). Such legislation should outline rules related to customer protection, investor protection & market integrity providing legal clarity associated with digital assets trading & investing within Europe’s jurisdiction & beyond it globally too.
Why Is A Ban On Cryptocurrencies Unnecessary?
Cryptocurrencies have been around for more than 10 years now but are yet to become mainstream form money or asset being used by most people regularly due to lack education & awareness around them among masses along with regulatory uncertainty creating confusion among investors & traders alike whether they should be investing/trading or not legally speaking globally speaking.. A ban would not only stifle innovation but could also lead towards further financial instability when compared against regulated cryptocurrency trading/investing environment where users can trade/invest without any fear or concern about their investments getting compromised due to lack transparency or regulatory compliance issues hampering financial stability eventually leading towards bad economic environment affecting everyone negatively especially financially weaker section majority population already struggling financially due COVID pandemic induced economic recession globally impacting all economies severely..
Conclusion
Cryptocurrencies have been gaining popularity over past few years but still far away from becoming mainstream form money or asset being used by most people regularly due various reasons mainly lack education & awareness around them among masses along with regulatory uncertainty creating confusion among investors & traders alike whether they should be investing/trading or not legally speaking globally speaking.. A ban would not only stifle innovation but could also lead towards further financial instability when compared against regulated cryptocurrency trading/investing environment where users can trade/invest without any fear or concern about their investments getting compromised due lack transparency or regulatory compliance issues hampering financial stability eventually leading towards bad economic environment affecting everyone negatively especially financially weaker section majority population already struggling financially due COVID pandemic induced economic recession impacting all economies severely..